HORIZON NORTH LOGISTICS INC. INCREASES CREDIT FACILITY

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[{"type":"text","content":"\n\n\n Jul. 4, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTSX Symbol: HNL\n\n\nCALGARY, July 4, 2011 /CNW/ - Horizon North Logistic Inc. ("Horizon" or\n the "Corporation") announced today changes to its credit facilities\n with its existing syndicate of Canadian chartered banks.\n\n\nA new facility in the amount of $80 million replaces the previous\n aggregate $60 million of credit facilities, and includes a $35 million\n accordion feature, available upon request by the Corporation and\n subject to review and approval by the lenders.\n\n\nThe new facility is a 3 year, committed facility with an initial\n maturity date of June 30, 2014 and is extendable annually, at the\n Corporation's request, for an additional 1 year. The facility is\n secured by substantially all of the Corporation's assets and includes\n customary terms, conditions, and covenants.\n\n\nThe increased facility will be used to fund the Company's ongoing\n operations and capital programs.\n\n\nCorporate Information \n\n\nAdditional information related to the Corporation, including the\n Corporation's annual information form, financial statements, and MD&A\n is available on SEDAR at www.sedar.com. Unless otherwise indicated, the consolidated financial statements have\n been prepared in accordance with IFRS and the reporting currency is in\n Canadian dollars.\n\n\n\n\n please contact Bob German, President and Chief Executive Officer or Scott Matson, Vice President Finance and Chief Financi...

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